Bank Employees Teach Students Financial ABCs

Employees of Ridgewood Savings Bank gave a savings lesson to approximately 1,000 junior high school students in various public and private schools in Queens, Brooklyn, The Bronx and Long Island as part of the American Bankers Association Education Foundation's National Teach Children to Save Program held on April 24.

Twenty-two Ridgewood Savings Bank employees joined thousands of bankers across the country who traded in their balance sheets for blackboards to help fill the need for financial education.

"One of the cornerstones of Ridgewood's philosophy is that 'Saving is the Secret of Wealth'. We want to share that secret with as many kids- and grownups- as we can," Ridgewood Savings Bank Chairman, President and CEO William C. McGarry said.

The presentations included activities about the concept of saving, how interest makes money grow, how to budget and how to distinguish between needs and wants. Since the American Bankers Association Education Foundation's National Teach Children to Save Day began in 1997, thousands of bankers have taught money skills to more than one million students.

Ridgewood Savings Bank offered the following tips to help parents make every day "Savings Day":

+ Help kids open their own bank savings account and make deposits regularly. Many banks offer kids' accounts that have no fee and minimum-balance requirements.

+ Kids love to get mail, so encourage them to keep an eye out for their monthly statements.

+ Kids love to surf the Internet too! Most banks have online calculators that kids (and grown-ups) can use to plan their savings.

+ Talk to your child about the family budget. Include a discussion on needs and wants. Reinforce this by budgeting for a family outing or purchase.

+ Give your kids positive feedback. As they get older, give them responsibility over how they spend their money.

The ABA Education Foundation, a nonprofit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy. The ABA Education Foundation's National Teach Children to Save Day is held every April when thousands of bankers make presentations to students on the importance of saving for their future.

Chartered in 1921, Ridgewood Savings Bank (www.ridgewoodbank.com) is the largest mutual savings bank in New York state with $3.3 billion dollars in assets, serving more than 200,000 customers throughout the New York metropolitan area.